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Form Steps to Complete IRS 8863 Online UT: What You Should Know
The following tables show the types of education tax credits and deductions that qualify as creditable qualified education expenses for an individual. You may use these tables to figure your educational expenses. See tax-credits, later. Education Tax Credit The American Opportunity and Lifetime Learning Credit for tax years beginning on or after October 1, 2017, is as follows: Yearly credit (not to exceed 2,000) up to 10,000 Up to 10,000 10,000 and less up to 5,000 For a joint return 2 2 2025 22% 23 or more 24.6% 25 or more 20% 21 or more 25% 26 or more 22% For a married couple filing a separate return 2 2 2025 22% 23.6% 24 or more 25% 26 or more 22% See tax-credits, below. Unused Tuition Amounts (U.S. Tax) You may be able to use an amount of unused tuition to claim a federal tax credit on your federal tax return. See tax-credits, later. For tax years beginning on or after October 1, 2017, tuition and related course fees that were paid on or after August 18, 1990, may be claimed as a tax deduction against your tax liability. See tax-credits, later. If you received the Form 1099-INT from the Educational Services or Instruction Financing Program of a qualified educational institution for a year beginning on or after October 1, 2017, the amount is considered a qualified tuition expenditure, and you should be able to claim the cost of tuition against your tax liability. See tax-credits, later. For tax years beginning on or after October 1, 2017, an amount paid or incurred for the purpose of attending a qualified education program may be deductible, not to exceed 10 percent of the tuition and related course fees paid for the program. See tax-credits, later. If you paid tuition to receive federal financial aid (Federal Well Grant, Federal Stafford Loan, Perkins Loan) for tuition, fees, room and board, and other expenses related to enrolling an individual in a qualified postsecondary education program, you may be able to claim the federal tax credit against your tax liability for qualified tuition and related course fees paid as of October 1, 2017, provided that the amount of such credit is allowed by applicable tax legislation and not disallowed under section 280F of the Internal Revenue Code.
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